Records for both production and earnings were set by Piedmont Mining (NASDAQ) for the first half of 1990. Net income for the six months ended June 30 was US$642,000, or US$0.04 per share on revenue of US$4.3 million. This compares to net earnings of US$12,000 on revenues of US$2.9 million in the corresponding period last year.
First-half gold production from the company’s Haile mine in South Carolina totalled 11,771 oz. compared with 7,931 oz. in 1989. The Haile mine processed about 230,000 tons of ore grading an average of 0.06 oz. gold per ton during the six months. This compares with the leaching of about 210,000 tons of 0.048 oz. material in the comparable period last year.
Piedmont stated that it was exploring the possibility of increasing the mining and leaching capacity at the Haile mine. The potential increase comes in view of a study which indicates that the mine’s mineral inventory is approaching one million ounces.
Piedmont Mining (NASDAQ) 000s except per-share items* 3 months ended June 30 1990 1989 Revenue $2,00 $1,560 Net earnings 236 101
per share 0.02 0.01 *US dollars
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